Condiments Market in Asia-Pacific Predicted to Reach $71.86 Billion by 2025 ( CAGR of 5.8% expected) Prominent Players Profiled Kraft-Heinz, Nestle,Yeo Hiap Seng Ltd, Three Threes Condiments, Hormel Foods Corporation, NutriAsia, Unilever, Kikkoman Corpora

Globalization has been one of the prime factors behind the increase in international travel that led to the exchange of cultural beliefs and food preferences across the globe. This has also resulted in the adoption of exotic foods and condiments in the past few decades. As a result, people have adopted foreign foods and condiments, which drives the demand for condiments in the Asia-Pacific region.

The Asia-Pacific condiments market size was $45,762.75 million in 2017 and is projected to reach $71,862.43 million by 2025, registering a CAGR of 5.8% from 2018 to 2025. In 2017, the sauce segment accounted for more than half of the share in the Asia-Pacific market in terms of value.

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The condiment is supplemental food used to impart certain flavor, color, and aroma to dishes. Some condiments such as ketchup, mayonnaise, and pickle are served with dishes, whereas some condiments such as pasta sauce, tomato paste, and bouillon are used as ingredients while cooking.

Increase in popularity of fast food restaurants, also known as the quick service restaurants (QSRs), majorly boosts the growth of the Asia-Pacific condiments market. China and Japan are the largest consumers of condiment owing to the presence of large population base and surge in the number of QSRs such as McDonald's, Burger King, Wendys, Subway, and Dunkin Donuts. These outlets rely on the use of condiments such as sauce, puree, marinade, and more to improve taste and visual appeal of the served food items, which in turn contribute toward the market growth of condiments in that region. A surge in the growth of retail chains in India, China, Thailand, Vietnam, and others leads to huge availability of condiments as well as beef, pork, poultry, seafood, and other meat products. The condiment is an important ingredient used while cooking meat, which further increases its demand, thereby driving the Asia-Pacific condiments market growth.

In 2017, the sauce condiment type accounted for the highest market share in Asia-Pacific and is anticipated to grow at a significant CAGR of 6.2% during the forecast period. Sauces are served with certain meals such as pizza, noodles, and meat & seafood as taste enhancers. Some of the most common cuisines in which sauces are added include Asian, British, French, and Italian cuisines. In 2017, the meat & seafood segment accounted for the highest market share in the Asia-Pacific condiments market.

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Meat and seafood products are rich in essential minerals, and micro and macronutrients especially vitamin B12, iron, zinc, selenium, and protein, and thus contributes a considerable portion of a typical human diet. These products can be cooked in a variety of ways in which condiments help enhance the taste, aroma, and visual appeal of the cooked meat and seafood products. Moreover, the rise in the affluent population coupled with the emergence of fast-paced life supplements the growth of the condiments market. However, fluctuations in raw material as well as the cost of transportation increase the overall cost of a product and decreases the margin of profit in an already hyper-competitive market, which in turn hampers the Asia-Pacific condiments market growth.

Competitive Analysis of Leading Industry Players:

•Kraft-Heinz
•Nestle
•Yeo Hiap Seng Ltd
•Three Threes Condiments
•Hormel Foods Corporation
•NutriAsia
•Unilever
•Kikkoman Corporation
•McCormick & Company
•Del Monte Foods

Analyst Review:

Sauces have been gaining popularity in the Asia-Pacific region as they are served with certain meals such as pizza, noodles, and meat & seafood as taste enhancers. They are also an important component in many cuisines cooked across the world. Consumers with busy lifestyles look for quick and easy meal solutions that are wholesome. This factor of easy availability coupled with the increase in the number of fast food outlets has increased the demand for fast food and ready to eat meals, which in turn supports the growth of the condiments market as condiments are an important part of these meals. Moreover, factors, such as increased income level paired with the demand for a more diversified diet, have encouraged consumers to spend more on meat and seafood products. This boosts the sales of the condiments in the Asia-Pacific region. However, fluctuation in cost of raw materials is expected to hamper the growth of the Asia-Pacific condiments market during the forecast period.

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